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Post by transo on Jan 6, 2015 17:05:04 GMT
Somebody want to put another Flipping Coin in the meter, or feed the F*****g Canary? A quarter of yesterday's are "Processing" and all of today's. Surely this can't still be the hangover? To be fair this is just the daftness of the UK banking system; the direct debits need to get raised three days before they're payable, which means ones due today were probably due to be submitted to the banking system on Thursday last week, which of course isn't possible because the banks close down. They'll almost certainly work themselves out in the rest of this week.
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Post by transo on Jan 2, 2015 13:22:10 GMT
I had assumed that as it was downgraded and had the comment; "This loan has been downgraded as we have received notice that the company is entering a voluntary arrangement. We have been advised by the prospective supervisor that we are included in the arrangement and are expected to be paid in full. In any case, we have a fixed charge security." that payment had stopped. I have checked the repayments, and of course you are corrert. Thank you, a good note to start the New Year. I have had time today to download the December figures and run a couple of queries on the account transactions. Yep couple of entries as recorvery payments. So loans become downgraded, but still pay? So what loans make up the bad debt figure? Are these loans in default? Is money from a defaulted loan classed as a recovery, not a repayment? Do Faulty Crew flag defaulted loans in some way? How would I work out money "lost" to set against tax post April? Ahh, I didn't think to check whether the risk band had been removed (i.e. the loan had been downgraded). Downgraded loans (where FC remove the risk band) are not defaults and you still continue to earn the interest on these loans. Any repayments they make will continue to be treated as normal repayments, not recoveries or anything. Just because a loan has been downgraded doesn't mean you won't get repayments, sometimes the downgrades are quite short and the risk band is re-introduced, in others they remain downgraded for ever. I've had ones which were downgraded because the original company went bankrupt but which continued to be paid on time every month by the guarantor until the loan was paid off. I've got one at the moment where it was downgraded because of financial difficulties at the firm, but they've now made payments on time and FC are proposing to re-instate the risk band if the next payment is received on time. If the company does enter into a voluntary agreement I'd be interested to hear what happens with the asset security (I used to hold the loan but sold it a while back as the rate wasn't very good). There aren't many asset secured (not property) loans on FC at the moment unfortunately but I've always thought they should be quite a good bet. Hopefully this case won't disprove that theory. Comments on downgraded loans get highlighted in yellow in the comments section at the bottom of your home page. Unfortunately they don't seem to do anything to highlight defaulted loans.
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Post by transo on Jan 2, 2015 8:16:55 GMT
May I ask for your help. I have a defaulted loan, 4311, for which recoveries have been rolling in for the past three months. How do I find out how much has arrived in my account? In the earnings summary, recoveries, I can see a total figure. From simple maths I can work out that it has increased by 2p. Would I also expect to see a deposit in my transaction statement? How would it be recorded? I also have 2133, which is secured on a printing press. Any ideas how long it will take to sell the machine and repay my 13.46? I assume only capital is repaid and no attempt is made to recover lost interest? Yep, recovery payments show in your transaction statements as "Recovery payment for loan part xyz". If you're only interested in the total then you can see this by expanding the "Losses" item on your summary page, which will show you separately the amount defaulted and the amount recovered (on all your loans). I'm not sure why you're worried about 2133, from my last loan book download yesterday this was still paying as normal (38 repayments to go) and it looks like the payment due yesterday happened on time too.
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Post by transo on Dec 31, 2014 12:23:52 GMT
Just an update £17.03 recovered from £838.62 Approximately 2%. Pathetic! Just to be sure: do you mean 'from a single loan of £838.62' or 'from all of my defaulted loans which total £838.62'? The other key question is "how long have the loans been defaulted?"; recoveries take time. My recoveries now stand at just over 10% of my bad debts, which is an improvement over the beginning of the thread. As an example, one of the early loans (174) defaulted in September 2012, and only made a first (we're told of a monthly series) recovery payment earlier this month. Another old loan is plodding away with monthly recovery payments and is now 18% recovered (and hopefully will go on increasing).
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Post by transo on Dec 30, 2014 12:45:05 GMT
so it is quite possible for money to vanish from 'coming soon' (accrued) without actually showing up in 'arrived' (cash balance) until some time afterwards. Actually, I thought that FC no longer showed accrued interest on loans if they become late with their payment (because it's no longer safe to assume you'll get the interest?). Certainly my accrued balance has gone down (a few pence) over the last few days where repayments haven't been happening, and seems to have gone up again this morning (where I can see a bunch of repayments going into the account - although whether they were due today or will clear the backlog I haven't yet seen).
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Post by transo on Dec 16, 2014 16:42:42 GMT
Is there a source to obtain the list of loans that defaulted other than a going through all the weekly blog entries? The loan book will tell you the state of all loans, although from the data included it's pretty difficult to really make sense of how long the loan struggled before being defaulted. I've had to relax my "dump all loans that pay a day late" because several times recently FC seem to have had overruns on the payment process and lots of loans have been a day late, but typically cleared in the small hours of the following day. As real lates all seem to be over a day I've now decided to ignore single day lates that occur as part of a block of suck lates.
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Post by transo on Sept 3, 2014 19:54:39 GMT
It would be nice if these SPVs existed though. Companies House and at least a couple of other Due Diligence check sites show NO trace of "M*****th Man**s V LTD" or ".... VI LTD" so where are they? According to FC's answer on 7620 (to "M******th Man**s V Ltd") it's because it's an Isle of Man registered company. I'm not sure whether FC's lenders were expecting to lend to IoM companies. I'm never sure how much these fall under UK law or something different.
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Post by transo on Aug 13, 2014 15:44:04 GMT
It's going to get very confusing soon. FC are now listing another separate property loan in Ealing (7349) (first tranche of £1.4m to be listed "in quick succession") as well as the second (or is it third, I'm losing track) tranche the existing Ealing development (7348), 20 minutes walk away. So that's £890k they're looking for in the next two weeks, just for Ealing. Even if auto-bid protects people against bidding on the 2nd/3rd tranche, how exposed to people want to be to the market for 2 bed flats within a 20 minute radius!?
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Post by transo on Jul 9, 2014 12:46:45 GMT
FC have responded to the query I e-mailed them. Apparently it's the omnipresent "administrative error", and the loan will be de-listed and re-listed with the correct status (no asset security). FC really need to get better at this - not only does this annoy lenders but I can't imagine borrowers who've been sold an efficient ~7-day process will be too keen if it takes twice that long because it has to get re-listed to cope with an FC mistake.
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Post by transo on Jul 7, 2014 21:21:32 GMT
There haven't been many of these lately, but there's one up at the moment, 6791. The profile is vague on what "equipment" the loan is being used for, and there's no report on the financial details page, but the asset is listed as "Specific asset security - asset owned". Someone's just asked FC for the info. Anyone fancy speculating on whether the loan will actually just be pulled (and relisted in unsecured form) or whether the FC actually have useful information about the asset that they should be about to buy ?
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Post by transo on Jul 4, 2014 18:29:50 GMT
Downloaded and looks to be in the same format and up-to-date as far as I can tell. Can't see any extra info in there.
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Post by transo on Jul 1, 2014 20:24:03 GMT
I've not managed to enjoy :-) any of the loans FC made good themselves. My recovery rate after being in FC from the off is a rather pathetic 6.3%. Still, at least that's improved a bit lately with only the recoveries figure increasing... Was supposed to get 6 monthly updates on a couple of long-running sagas last month, but not heard anything and don't think I'll hold my breath!
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Post by transo on Jun 7, 2014 14:58:43 GMT
So do these rejected whole loans make clear that they were previously listed as whole loans before being offered as partials. Looking back at my original query to FC on this I didn't ask that question, but noted that the FAQ said this would be made clear, and queried how it could possibly be made clear to autobidders. If there's no explicit indiction (and odd numbering sequence certainly doesn't count) then FC appear to not be doing what they said they'd do.
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Post by transo on May 23, 2014 12:05:25 GMT
Looks like a new version of the website went live this morning from what I can see of the home page, so this is evidently another new 'feature'... I noticed the site was down this morning until just before 8:00, but didn't notice anything "new" when I've logged in this morning. What's the difference you noticed?
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Post by transo on May 23, 2014 11:35:14 GMT
Yep, it's just closed with £154k allegedly successfully bid on a £120k loan (that the government should be taking 10% of, so only £108k actually available).
Looks like the people who thought they'd successfully bid at 13.0% in the closing hour of the auction will all turn out to be unsuccessful.
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